Common Income Tax Filing Mistakes

By: ITR Mart0 comments

Common Income Tax Filing Mistakes

As we start getting nearer to that dreadful April 15 cut-off date, we’re all screaming loudly on Income Tax Filing. But when it arrives at taxes – particularly your taxes – simply completing it isn’t fairly fine as much as necessary. You require it to be completed correctly.

So we presumed that you may be profited from a few methodologies to make clear of mistakes on that tax return you’re preparing on. You observe, it’s a lot well-organized to head off troubles on the front end. You can obtain your refund earlier, for example, if you don’t have to re-correct a fault and resend.

First and foremost suggestion for you is the most evident one: E-file your Income Tax Return with us. We shall do all your income Tax Calculations for you: we shall verify all probable loopholes & faults in your return; e-file your income tax returns correctly to IRS.

Despite our easy references and problem free E-filing, still, many of you will prefer to go for a traditional methodology of paper filing. But there is 20 times more chance of making mistakes if you paper file your return. Additionally, if your return is a paper file, the refund shall take time to get credited to your account. It probably takes weeks instead of days to process the return if filed traditionally.

Think Before You File

The Thumb rule behind an accurate Income Tax return is “Do it Right the First Time”. It will be always appreciated to double check your Income tax Return form before submitting as a small mistake can lead to heavy consequences on later stages. The best option is to go with E-filing as it minimizes chances of human error to a great extent. Below are some of the common mistakes while filing:

Social Security Numbers – Priestly mistakes in Social Security Numbers, unfinished or missing SSNs are one of the most common reasons for rejection of Income Tax Returns. Hence it is very essential to double verify for correct SSN of each and every dependent on the returns. Along with it commit to memory to input all numbers precisely as mentioned on your Social Security cards.

Incorrect Names – Yes you heard it very rightly. People often provide wrong names, which are found during the verification process which leads to form cancellations. Your names are verified vis-à-vis your details in your SSNs. So again do memorize to input your name as it shows on your Social Security Card.

1099-MISC Form for Independent Contractors

Filing Status – This is where some of the people often make mistakes by choosing an incorrect filing status for their filing. For Eg One may select an option of household Head Instead of single mistakenly. It is always recommended to check the help menu for brief meanings if you are not sure enough for the options provided.

tax filing online

Income Tax Calculation Mistakes – This problem of wrong Income Tax Computation can be eradicated by taking help of our expert tax calculation engine master.

Incorrect Bank Account Details – If you are planning to get your Income Tax Refund Electronically, do verify your Bank Account Details are provided correctly to ensure correct routing of your refund.

As last moment to filing nears, formulate your time and your procedure accordingly. Confirm your return for correctness prior to you e-filing, and see how delighted you feel to get your refund for Income Tax filed rapidly.

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